Forex: Aussie down 20 pips, Gold slide continues down $5

By IBT Staff Reporter On 12/29/09 AT 8:49 PM

FXstreet.com (London) - AUD has drifted south this session on softer Gold bullion. In the penultimate trading day of the year, trade has been expectedly light, and rangy markets are typical this time of year.

Against the Dollar, Aussie currently trades at 0.8910, down over 20 pips.

Investors are expectant that interest rate hikes will slow in Australia in 2010, after 3 consecutive rises on the overnight lending rate in the country. Should the downtrend continue through this session, primary support should be taken as 0.8870 (strong support line 28 Dec) and for resistance in case of reversal, 0.8990 (previous session high).

Gold prices have continued slipping in Asia trade, coming to rest at $1093. The precious metal has twice found support just below the $1100 level in recent sessions. The slide in Gold is likely the cause for the drop in AUD and NZD this session.

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